Developing Efficient Platforms for Dynamic Interbank Trading
The webinar complements our initiatives on developing financial markets within the Central Banking learning program, where we aim to link the role of financial intermediation and credit channel in stimulating growth and job creation, also an angle discussed in progress reports and EU correspondence with accession candidate countries.
Well functioning interbank market also predicts dynamic trading between banks, supportive financial infrastructure including technology and clearing/settlement systems, toolkit of broad and well targeted instruments and range of securities that can be used as collateral for lending/repurchase operations, and a good communication and outreach policy for the central bank to encourage and guide banks.
Dynamic interbank market is an important contribution to the well-functioning of monetary policy, in terms of price signaling and transmission mechanism, and also for efficient liquidity management by the banks themselves. An important issue is the coherence of monetary frameworks and the link with government debt management - mainly the issue of making sure there are benchmark securities and reliable reference rates.
What will you learn
During the webinar, we will discuss money market development in small financial markets.
Firstly, we will provide an overview of international experience with secured and unsecured interbank market development, money market instruments, market participants and their key drivers, and the computation of interbank reference (benchmark) rates.
Experts will share experience from technical assistance on financial infrastructures in smaller financial markets with an emphasize placed of the infrastructures conducive to an active interbank trading, such as payment systems, central depositories, and central counterparties and address issues such as increased standards, cyber resilience, and Fintech.
We will conclude the webinar with a presentation on authorities’ role in promoting money market development, as well as safe and efficient market infrastructures.
The event has been designed keeping the specific needs of central bank staff engaged in monetary policy and foreign exchange operations in mind, as well as their counterparts in Ministries of Finance, and others involved in the area of market development including from Debt Management Offices.
- Thordur Jonasson, International Monetary Fund
Prior to joining the IMF, Thordur was a Sr. Securities Markets Specialist in the Global Capital Markets Practice of the World Bank working on developing public and private debt markets and participating in FSAPs. He has also been an expert on public debt management and debt market development for the IMF, the World Bank and the Commonwealth Secretariat participating in Technical Assistance and Financial Sector Assessment missions that has overall taken him to 45 countries in all major regions. His professional experience also includes 11 years in the National Debt Management Agency in Iceland where he worked in different capacities until appointed Chief Executive. He has also held positions in the private sector as an advisor to municipalities and state owned corporations on debt management, treasury and international funding.
- Froukelien Wendt, International Monetary Fund
Froukelien is a Senior Financial Sector Expert at the IMF, specialized in Financial Market Infrastructures (FMIs). She regularly assesses central counterparties, central securities depositories and payment systems in the context of IMF Financial Sector Assessment Program (FSAP) missions and Technical Assistance projects. She participates in the CPMI-IOSCO standard setting activities and published several papers on FMIs. Before joining the IMF, she worked at the World Bank as a Senior Securities Settlement Expert. Until 2010, she was with De Nederlandsche Bank, where she was responsible for oversight of payment and securities settlement systems and in particular central counterparties. Froukelien also worked for six years at a large exchange group, where she worked in the strategy and cash market development departments. She holds a master in Economics and a master in Finance.
How to join
This learning initiative was supported by: